Federal Student Aid Programs

ULV participates in the Federal Campus-based Financial Aid programs. Federal Grants received and Work-Study funds earned do not have to be repaid; however, loans must be repaid. Graduate students are not eligible to receive grants. The Federal Perkins Loan and Federal Work-Study programs are available to graduate students.

Federal Pell Grants are awarded to undergraduate students on the basis of financial need. Students enrolled in the fifth-year Teacher Credential program are not eligible to receive Federal Pell Grants. During the 2007-2008 academic year Federal Pell Grant awards will range from $400 to $4,050. A student cannot receive Federal Pell Grant disbursement funds from more than one institution for the same term. If more than one institution submits a payment for the same term, one of the schools will be required to withdraw the Federal Pell Grant award from the student's financial aid. The student will then be responsible for any school account balance this may create.

Federal Supplemental Educational Opportunity Grants (FSEOG) are awarded to undergraduate students with exceptional financial need. Students enrolled in the fifth-year Teacher Credential program are not eligible to receive Federal Pell Grants. During the 2007-2008 academic year, FSEOG awards will range from $500 to $1,500. Students must be enrolled at least half-time to receive FSEOG Grants.

Federal Perkins Loans are awarded to students with exceptional financial need. During the 2007- 2008 academic year, Federal Perkins Loan awards will range from $375 to $750. Students must be enrolled at least half-time to receive Federal Perkins Loans.

Federal Work-Study (FWS) funds are awarded to students with the greatest financial need. Federal Work Study is a paid work opportunity to eligible applicants, allowing students to earn money to pay for educational expenses. Employment may not exceed 20 hours per week during periods when school is in session in the fall and spring semesters. Every effort is made to place students in work related to their studies, career plans, or community service.

Federal Stafford Loans are available to eligible students. There are two types of Stafford Loans: Subsidized, for which the government pays the interest while students are in school, and during grace and deferment periods; and Unsubsidized, for which students pay all the interest on the loan. Students may defer the interest while enrolled at least half-time. Students may receive both types of loans at the same time, if eligible. The fixed interest rate is 6.8% for all Stafford Loans disbursed on or after July 1, 2006. Students must attend ULV at least half-time to receive Stafford loan funds.

Federal Stafford Loan Limits. Undergraduates may be eligible to borrow up to the $23,000 Subsidized aggregate limit, and up to the $23,000 Unsubsidized aggregate limit. Graduate, professional program, and College of Law students may be eligible to borrow up to the $65,500 Subsidized aggregate limit, and up to the $73,000 Unsubsidized aggregate limit. Clinical Psychology (Psy.D.) students may be eligible to borrow up to $189,125, of which no more than $65,500 may be in Subsidized loans.

The annual Stafford Loan limits are as follows:

Subsidized Unsubsidized
Freshman $3500 $4000
Sophomore $4500 $4000
Junior $5500 $5000
Senior $5500 $5000
5th Year $5500 $5000
5th Year Teaching Credential $5500 $7000
Graduate/Law $8500 $12,000
Clinical Psychology $8500 $25,212

Federal PLUS Loans are offered to the Parent or Stepparent of dependent students. "Dependent student" is defined under "Announcements" on "The Student Guide and Funding your Education" at www.studentaid.ed.gov. Parent borrowers in this program may borrow up to the total cost of attendance minus other financial aid offered. PLUS loan origination fees are 3.5%, and the interest rate on the funds borrowed is variable, but will not exceed 8.5%. A parent borrower's credit record will be checked prior to the lender's approval of the loan, and credit-worthy applicants will be required to complete a PLUS loan application and promissory note. A dependent applicant whose parents are denied the PLUS Loan by the lender will automatically be considered for an Unsubsidized Stafford Loan. Interested students should contact the Office of Financial Aid for further details.

NEW Federal PLUS loans for Graduate or Professional Students. Students enrolled in graduate or professional programs are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimate financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a graduate/Professional PLUS loan.